4 Financial Stock Stories to Beat the Monday Blues
Barclays (NYSE:BCS): Current price $18.79
Barclays admits that it underreported a lifeline investment in the bank during the financial crisis of 2008, which allowed it to avert a government bailout. At that time, Sheikh Mansour bin Zayed Al Nahyan injected liquidity of £3 billion into Barclays in return for a stake, according to a shareholder vote of November 24, 2008, but on the next day, only the small print of regulatory disclosures by the bank showed that he had passed the stake on to the International Petroleum Investment Company which is owned by the state of Abu Dhabi and of which he is chairman. Then, Barclays’ annual report still referred to Mansour as the owner of the stake which the bank now says was a”drafting error”. The matter was uncovered during an investigation by the BBC’s Panorama program to be aired on Monday night .
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